Afternoon Drive withJoanne Joseph

Wits University associate professor of economics Christopher Malikane explains radical economic transformation and how it is geared toward fundamentally changing current structures within the economy.

He elaborates on some of the issues captured in the thinking around the term.

Meaning, changing the composition of output that the economy is producing and ownership and control patterns – who owns the entities that are making most of the production in the economy, and who manages, who makes decisions about investment patterns, employment patterns, pay in the labor market.

In an interview with Stephen Grootes on Monday, Chairperson of the African National Congress's (ANC) subcommittee on economic transformation, Enoch Godongwana said there is still no clarity around the phrase, but he is confident that once it is properly defined, people will rally behind it.

Highlighting existing barriers for black business, Malikane shares some of what needs to happen to address issues of ownership and ensure all South Africans benefit from local procurement.

Part of the policies that need to be instituted....for example access to credit, people have been consistently arguing that there needs to be a state bank that is going to provide credit in a manner that is affordable to small and medium enterprises and established big businesses.